Harmony Energy Income Trust PLC Debt Facility (6965P)
June 22 2022 - 2:00AM
UK Regulatory
TIDMHEIT
RNS Number : 6965P
Harmony Energy Income Trust PLC
22 June 2022
22 June 2022
Harmony Energy Income Trust plc
(the "Company")
Debt Facility
Harmony Energy Income Trust plc, an externally managed company
that invests in energy storage assets in Great Britain, is pleased
to announce that it has successfully agreed a debt facility of
GBP60m with NatWest plc (the "Facility") through a wholly owned
subsidiary of the Company.
The Facility comprises a five-year GBP60m facility with an
initial margin of 300bps over SONIA, rising over time to a maximum
of 375bps by year five. The facility is "interest-only" for the
first three years. The Facility also provides for an uncommitted
accordion which could increase the total amount borrowed up to
GBP130m over time.
The primary purpose of the Facility is to support the
acquisition and construction of the Company's first pipeline
project (a 99 MW / 198 MWh project located in Buckinghamshire known
as "Bumpers"), although the Company has discretion to allocate the
funds to an alternative pipeline project (or projects) if
desirable. The Facility will be allocated and secured across all
projects currently owned by the Company (as well as the relevant
pipeline project(s), once acquired).
Norman Crighton, Chair of Harmony Energy Income Trust plc,
said:
"The securing of this GBP60m debt facility is yet another
positive step by the Company and the management team during a very
active period since IPO. NatWest is an experienced lender in this
sector and has worked proactively with us to design a debt package
which supports the Company's objectives."
END
For further information, please contact:
Harmony Energy Advisors Limited
Paul Mason
Max Slade
Peter Kavanagh
James Ritchie
info@harmonyenergy.co.uk
Berenberg
Gillian Martin
Ben Wright
Ciaran Walsh
Dan Gee-Summons +44 (0)20 3207 7800
Camarco
Eddie Livingstone-Learmonth
Georgia Edmonds +44 (0)20 3757 4980
JTC (UK) Limited
Christopher Gibbons
Harmony.CoSec@jtcgroup.com +44 (0)20 3846 9774
LEI: 254900O3XI3CJNTKR453
About Harmony Energy Advisors Limited
The Investment Adviser is a wholly owned subsidiary of Harmony
Energy Limited.
The management team of the Investment Adviser have been
exclusively focussed on the energy storage sector (across multiple
projects) in Great Britain for over six years, both from the point
of view of asset owner/developer and in a third-party advisory
capacity.
IMPORTANT LEGAL INFORMATION
This announcement does not constitute an offer to sell or the
solicitation of an offer to acquire or subscribe for shares in the
Company in any jurisdiction. This distribution of this announcement
outside the UK may be restricted by law. No action has been taken
by the Company that would permit possession of this announcement in
any jurisdiction outside the UK where action for that purpose is
required. Persons outside the UK who come into possession of this
announcement should inform themselves about the distribution of
this announcement in their particular jurisdiction.
This announcement contains (or may contain) certain forward
looking statements with respect to certain of the Company's plans
and/or the plans of one or more of its investee companies and their
respective current goals and expectations relating to their
respective future financial condition and performance and which
involve a number of risks and uncertainties. This Company cautions
readers that no forward-looking statement is a guarantee of future
performance and that actual results could differ materially from
those contained in the forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBKDBDABKDBAB
(END) Dow Jones Newswires
June 22, 2022 02:00 ET (06:00 GMT)
Harmony Energy Income (LSE:HEIT)
Historical Stock Chart
From Apr 2024 to May 2024
Harmony Energy Income (LSE:HEIT)
Historical Stock Chart
From May 2023 to May 2024